“Together with our use of Open Banking we can use AI to get to know our customers better, predict their needs, and help them make better decisions about their money with as little effort as possible on their part."

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These Banks Are Using AI To Help Their Customers Manage Their Finances

While many companies struggle to figure out what to do with AI, a few are emerging as leaders in deploying it, with only a handful succeeding in incorporating AI in the sensitive area of customer relations. The Royal Bank of Canada (RBC) and Israel Discount Bank, using an AI platform from Personetics, are premier examples of how to do AI right, right now.

“We want our application to become a personal banking assistant,” explains Marie-Cécile Plessix, managing director of the bank. Thanks to the technology of Personetics, Axa Banque’s customers should be alerted by the end of 2018 if they have an unusual transaction on their account or be offered to put their money into savings in case of excess liquidity. The idea is to offer a more personalized service to customers.

AI-Powered Bank Accounts Of Tomorrow Are Solving The Biggest Problem With Your Finances — YouIn Canada, millions of people are handing over control of their money. Not to an expensive financial adviser or bank manager, but to the Royal Bank of Canada’s artificial assistant NOMI, which moves money around and makes decisions when to save on their behalf.

Metro Bank Personalises Advice with InsightsAs well as alerts that anticipate customers’ spending, users will be able to see a breakdown of where their money goes each month, delve into individual spending categories, and receive bespoke tips about how to manage their finances, based on their specific circumstances.